St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-11-20

city this afternoon. with having at
tempted to swindle him in the settling
up of their partnership in wheat Specu-
lation in 1878 and 1879. There was
placed on the trial list of Room E of
Philadelphia court of common pleas
No. for trial on Tuesday next the suit
of the Merchants National Bank of st.
Paul against General Manager Mcleod
on note for S6.O70.4O. The suit had
been instituted in March last, but yes
terday counsel for Mr.. Mcleod appeared
before Judge Finletter, presiding judge
of No. 8, and secured d special injunc-
ton against Mr.. Merriam forbidding
him from proceeding or trying the suit
against MIR. Mcleod until after an in
vestigation and adjustment of their
partnership accounts.
THE INJUNCTION
is good for five days. within which the
case must be argued. The bill in equity
accompanying the injunctions also asks
that Mr.. Merriam be required to furnish
Mr.. Mcleod with full statement of
the accounts of the partnership; that
he produce all the books of original
entry, and that receiver be appointed
to administer the affairs of the partner
ship. Mr.. McLeod's affidavit alleges
that he and MI. Merriam. the cashier of
the Merchants National bank, formed
partnership in November, 1877, for
dealing in wheat, which continued until
1879. Mr.. Merriam not being willing to
be known in the transaction, the buSi-
ness was all done in the name of Mr..
Mcleod, who was then resident of st.
Paul. The capital for the business was
raised by Mr.. Merriam from the Mer-
chants and other banks upon notes
signed by Mr.. Mcleod. Merriam at
tended to all the financial affairs of the
partnership and the bookkeeping. At
the close of the partnership Merriam
claimed that the accounts showed loss.
McLeod'S share of which was
SEVERAL THOUSAND DOLLARS.
Without examining the accounts and
trusting to the honesty of his partner,
Mcleod alleges he made two notes, ag-
gregating 50, ,461. %, giving as collateral
bills receivable for s3,51O.OS secured by
mortgages on lands in Dakota and Min
nesota. Shortly after this settlement
Merriam handed to Mcleod a state
ment, showing that the notes then in
Merriam's possession were due respec-
lively on May 25, 1879, and June 1. 1879.
On the maturity of these notes Merri-
am sent to Mcleod renewal notes to be
executed by the latter. This was done,
and was followed up from time to time
by other renewals. On March II. 1885,
Merriam sent a note for S6,O70.4O, which
Mcleod signed and delivered to Merri-
am. Mcleod subsequently discovered
that Merriam had increased the amount
which he had first claimed as due him
by the amount of another note, which
had been executed simply for the pur-
pose of being discounted for the benefit
of the partnership, and that Mr.. Merri-
am had compounded the interest at the
rate of 10 per cent per annum. Nc
Leod's affidavit to his bill in equity
further says that he believes Merriam
charged against him nearly the whole
of the losses sustained by the partner
ship instead OF
DIVIDING THE Loss
in accordance with the partnership
agreement. On account of this discov-
cry Mcleod refused to pay the S6,O70
note until an accounting of the partner
ship affairs had been made and state
ment rendered as to what had been
done with the collateral which had been
given by Mcleod to Merriam. The
former also alleges that he has repeat
edly verbally, in writing and through
counsel demanded statement of the
partnership affairs, and has rendered
immediate payment Of any amount
found due, but that Merriam has re-
fused to tender an account and has
brought suit upon the note. Mr..
Mcleod swears also that he believes
that upon statement of the partner
ship accounts he would be in debt if at
all, an amount much less than the face
of the note upon which Merriam brings
suit, but that he cannot present his de-
fense upon the trial or secure proper
evidence as against the note withou.
access to the books and the papers OF